Governor to offer five $100K grants to spur Opportunity Zone investment

TRD New York /
Mar.March 19, 2019 01:53 PM

New Jersey Gov. Phil Murphy and Anthony Foxx, a former U.S. secretary of transportation, discussed the prospects and expectations of the much-hyped federal Opportunity Zone program at the Choose New Jersey Opportunity Zone Summit last week in New Brunswick, as noted by ROI-NJ. According to InsiderNJ, Murphy spoke about the Garden State’s Economic Development Authority, the state’s Division of Community Affairs and plans by the state’s Redevelopment Authority to develop initiatives to facilitate Opportunity Zone investment. Altogether, New Jersey has identified 75 municipalities with a combined 169 sites eligible for Opportunity Zone incentives, at least half of which are located in the northern part of the state, as noted by The Real Deal in its recent Tri-State issue. Murphy said his administration will hand out five $100,000 grants to the municipalities that best create and showcase a successful strategy for Opportunity Zone investments. The Real Deal reported earlier this month on U.S. Housing and Urban Development Secretary Ben Carson stating his preference that certain grants be given to developments that include affordable housing. On March 19, Ron Beit, founding partner and CEO of Newark-based developer RBH Group, said that he would launch an investment fund that will partner with Opportunity Zone funds to build housing for teachers and undertake “other social impact-related projects” in cities across the country. Beit has been a supporter of the Opportunity Zone program, which was passed as part of the late 2017 federal tax overhaul. [ROI-NJ]


Related Articles

arrow_forward_ios
KABR Group CEO Kenneth Pasternak and 85 Challenger Road in Ridgefield Park, NJ (Photos via KABR)

KABR sells New Jersey building for reported $60M

KABR sells New Jersey building for reported $60M
Gov. Phil Murphy (left) and billionaire David Tepper

Does taxing the wealthy really drive them away?

Does taxing the wealthy really drive them away?
Onyx Equities' Jonathan B. Schultz (left) and John Saraceno, Jr. with 7 Sylvan Way (right) and 8 Campus Drive in New Jersey (Onyx Equities)

Onyx Equities acquires massive New Jersey office portfolio for $160M

Onyx Equities acquires massive New Jersey office portfolio for $160M
As more New Yorkers escape to the suburbs or Florida, some of their brokers are going with them. (iStock)

Following the money, NY brokers seek licenses in other states

Following the money, NY brokers seek licenses in other states
Renters continue their tri-state bookings, eliminating the post-Labor Day slowdown (iStock)

In Hamptons and elsewhere, season no longer ends on Labor Day

In Hamptons and elsewhere, season no longer ends on Labor Day
Extell Development president Gary Barnett and Kushner Companies founder Charles Kushner with a rendering The Lofts at Pier Village in New Jersey (Rendering via Extell Development)

Kushner Cos. buys Gary Barnett out of development on NJ waterfront

Kushner Cos. buys Gary Barnett out of development on NJ waterfront
New Jersey Gov. Phil Murphy, New York Gov. Andrew Cuomo and Connecticut Gov. Ned Lamont (Credit: Murphy by Bennett Raglin/Getty Images for Montclair Film; Cuomo by Spencer Platt/Getty Images; Lamont by Bonnie Biess/Getty Images for SiriusXM)

Cuomo joins forces with Connecticut, NJ governors to combat coronavirus

Cuomo joins forces with Connecticut, NJ governors to combat coronavirus
Lucy the Elephant is for rent (Credit: iStock)

New Jersey’s most famous zoomorphic attraction is up for rent on Airbnb

New Jersey’s most famous zoomorphic attraction is up for rent on Airbnb
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...